New Jersey Administrative Code
Title 10 - HUMAN SERVICES
Chapter 37D - MANAGEMENT AND GOVERNING BODY STANDARDS
Subchapter 2 - MANAGEMENT STANDARDS
Section 10:37D-2.9 - Financial procedures
Universal Citation: NJ Admin Code 10:37D-2.9
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Each PA shall have a system of financial internal controls to protect organizational assets and promote the goals and objectives of the organization.
(b) The system of financial internal controls shall provide reasonable assurance that:
1.
Obligations and costs are in compliance with applicable laws;
2. Funds, property and other assets are
safeguarded against waste, loss, unauthorized use and
misappropriation;
3. All financial
transactions applicable to agency operations are properly recorded and
accounted for so that financial and statistical reports and accountability over
the assets can be maintained and can be prepared; and
4. There is a system of checks and balances
related to specific financial routine procedures and a careful separation of
functions and responsibilities in authorizing, processing, recording and
reviewing transactions.
(c) Each PA's financial procedures shall include, but need not be limited to, the following:
1. Well-maintained accounting records in
accordance with generally accepted accounting principles; such records shall
include, but not necessarily be limited to, general ledger, cash receipts and
cash disbursement journals, accounts receivable and accounts payable journals,
payroll register, and inventory records;
2. Up-to-date records related to client
attendance and determination of client fees;
3. A methodology for monitoring the accuracy
of budget projections compared to actual costs, at least on a quarterly basis;
and
4. The reports to the governing
board of current financial status information, at least on a quarterly
basis.
(d) Each PA's written policies and procedures shall adhere to the contract accounting and reporting requirements contained in N.J.A.C. 10:3.
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